Ordinances

Ordinance No:

Title

Authorizing the issuance, sale and delivery of the City of Farmington, New Mexico State-shared Gross Receipts Tax Refunding Bonds, Series 2017 in an aggregate principal amount not to exceed $7,500,000 for the purpose of refunding, defeasing, paying, redeeming and discharging the outstanding principal amounts and accrued interest, as the same become due, on the City of Farmington, New Mexico Sales Tax Improvement and Refunding Revenue Bonds, Series 2012, and paying costs of issuance of the bonds; providing that the bonds will be payable from State-shared gross receipts tax revenues distributed to the City pursuant to Section 7-1-6.4 NMSA 1978, providing that the maturity dates, principal amounts, interest rates, redemption provisions and other details of the bonds will be established in a bond purchase agreement, and delegating authority to the City Administrative Services Director to approve the final terms of the bonds and to execute and deliver the bond purchase agreement; providing for the execution of the bonds and other documents and agreements relating to the bonds by authorized officers of the City; ratifying action previously taken in connection therewith; declaring an emergency; and repealing all ordinances in conflict herewith.

Authorizing the issuance, sale and delivery of the City of Farmington, New Mexico State-shared Gross Receipts Tax Improvement and Refunding Revenue Bonds, Series 2018 in an aggregate principal amount not to exceed $19,000,000 for the purpose of (1) purchasing and acquiring fire protection vehicles and equipment, designing, purchasing, acquiring and constructing a water park facility, designing, acquiring, purchasing, and constructing trail improvements, designing and constructing street improvements, making capital repairs to the City's aquatic center, remodeling, renovating and improving the civic center, (2) refunding, paying, redeeming and discharging the outstanding principal of, and accrued interest on the City of Farmington, New Mexico Sales Tax Revenue Bonds, Series 2005, and (3) paying costs of issuance of the bonds; providing that the bonds will be payable from State-shared Gross Receipts Tax Revenues distributed to the City pursuant to Section 7-1-6.4 NMSA 1978, providing that the provisions and other details of the bonds will be established in a bond purchase agreement, and delegating authority to authorized officers of the City to approve the final terms of the bonds and to execute and deliver the bond purchase agreement; providing for the execution of the bonds and other documents and agreements relating to the bonds by authorized officers of the City; ratifying action previously taken in connection therewith; and repealing all ordinances in conflict herewith.